How Marketers Can Still Thrive in a Recession [Data Analysis]
When life gives you lemons, make lemonade. Right?
In a recent Glimpse survey I ran for the HubSpot Blog, 78% of marketers said they were already facing one of the biggest lemons of 2023 — recession.
What’s more, almost half were already seeing negative impacts. On top of that, one in three think a recession will have an even bigger impact on marketing than COVID-19.
While we can’t predict the future, our data hints that brands that focus on the right opportunities can still grow. But, what exactly are those opportunities? Read on to find out.
Tips for Marketing Growth a Recession
1. Use data to connect with customers.
Feel like you might not be in touch with your customers anymore? You’re not alone.
Our research shows that over half of marketers don’t know crucial information about their target audience. And this is just one of three signs your company is facing a Crisis of Disconnection.
This disconnect isn’t at all shocking. Our lives have all changed drastically over the past three years.
As the recession progresses, customer relationships with brands will continue shifting — and it’s up to companies to keep up.
The first step is gathering holistic, real-time data on consumer attitudes, preferences, and behaviors.
Ideally, you get data, known as first-party data, directly from your customer. This is especially important as data privacy regulations are becoming more strict and things like third-party cookies are on the way out.
Once you have data, use it to understand your evolving customer and pivot your marketing efforts and messaging in a way that aligns with what they’re experiencing. This helps your brand create meaningful connections.
Unsure where to start with your data strategy? Read this guide.
2. Don’t let low social media budgets stifle your creativity.
A recession means your marketing budget will likely be in a pinch — our economic trends survey from Oct. ‘22 found that 37% of marketers are already seeing budget cuts.
And according to marketing leaders, paid social media content is the channel most likely to be cut in a recession.
Luckily, there are a few highly effective places for your brand to turn.
User Generated Content
User-generated content is all about your satisfied customers sharing their experiences with your brand on social media.
Sharing and interacting with UGC on your official page will deepen connections with your customers and incentivize others to share their stories too. This is a great way to promote your brand in an authentic and credible way.
Organic Social Media Content
Tapping into organic content on social is a no-brainer when budgets are tight. Instead of spending money on paid ads, create content tailored to the interests of your audience and let the algorithms do the rest.
The best part is you don’t need anything fancy to succeed on social these days – authentic and relatable content wins over polish and high …read more
Source:: HubSpot Blog
